Exhibit 99.7

CINERGY CORP.

BUSINESS SEGMENT EARNINGS DRIVER ANALYSIS

For the Year to Date December 31, 2003

(unaudited)

Commercial Businesses
Earnings Per Share - diluted - 2002	$	0.67
Cumulative effect of a change in accounting principles	0.21
Employee retirement/severance and other charges	0.04
Discontinued operations	0.20
Marketing, trading, and origination	0.17
Generation and supply contracts	0.18
Operating and administrative expenses	0.03
Financing	0.01
Other - net	0.03
Earnings Per Share - diluted - 2003	$	1.54
Regulated Operations
Earnings Per Share - diluted - 2002	$	1.60
Employee retirement/severance and other charges	0.14
Weather	(0.13		)
Industrial sales - economy	(0.02		)
Other revenue	(0.05		)
Other income and (expenses) - net	(0.03		)
Operating and administrative expenses	(0.01		)
Income tax rate change	(0.09		)
Financing and depreciation	(0.23		)
Earnings Per Share - diluted - 2003	$	1.18
Power Technology & Infrastructure Services
Earnings Per Share - diluted - 2002	$	(0.14	)
Employee retirement/severance and other charges	0.05
Operating results of investments	(0.01		)
Mark-to-market valuation of technology investments	0.01
Earnings Per Share - diluted - 2003	$	(0.09	)

2002 has been reclassified to reflect Vestar’s move from PTIS to Energy Merchant